Fitch also warned that total credit, including shadow banking could have reached 198 percent of GDP.

"We expect the various tightening measures (housing & shadow banking) to bite from here onwards," Societe Generale's Klaaus Baader wrote in a note to clients. "March may mark the peak of easy credit conditions. Nevertheless, the current monetary environment should be able to support a further growth pick-up in Q2."

The Chinese central bank is however expected to maintain a "neutral stance" this year.

Here's a look at China's money supply and bank loan growth since 2002: